Across the country, many would-be homebuyers wait with bated breath for interest rates to make a meaningful drop before they either purchase their next home or their first house. Persistently elevated rates have made it nearly impossible for lower-income mortgage applicants to qualify for financing. Meanwhile, those who purchased or refinanced a loan while record-low interest rates were available are staying put. Federal Reserve Chairman Jerome Powell announced at the latest Fed meeting that they were not going to raise the federal funds rate, the upper limit of which has been at 5.50% for nearly a year. This means the rate cuts hoped for in June will have to wait until more progress is made on tamping down inflation. The prime rate, which moves in tandem with the federal funds rate, has been unchanged at 8.50% since August.